The Huobi cryptocurrency exchange assured users its trading platform is “currently operating normally” after one of its biggest competitors, OKEx, announced it suspended all cryptocurrency withdrawals indefinitely.
“Huobi’s cold wallet uses multi-signature and threshold signature technology to ensure the security of the private key signature process,” Ciara Sun, vice president of Huobi Global Markets, told CoinDesk in a Wechat message. “Multiple people and multiple backups ensure the availability of the private key.”
While one would expect exchanges like Huobi would benefit from OKEx’s news – as in the BitMex case, where large bitcoin outflows from the exchange went to its competitors – that doesn’t appear to have happened because of growing concern about Huobi’s operations due to two exchanges’ large user base in China.
“Huobi’s platform is currently operating normally,” Sun said.
Read more: Huobi and OKEx Battle for Supremacy in China
There was speculation Huobi may have loaned